IREN is turning its Bitcoin mining footprint into an AI cloud business, but the shift is forcing the company to raise billions of dollars to keep pace with its contracts.

The company, formerly known as Iris Energy, has signed a $9.7 billion multi year agreement with Microsoft to provide AI cloud infrastructure powered by NVIDIA GB300 GPUs. The capacity will be deployed at IREN’s Childress, Texas campus, with phased delivery through 2026.

IREN is also scaling around a separate five year AI cloud services contract tied to NVIDIA workloads. The company agreed to buy about $1.6 billion of NVIDIA Blackwell systems from Dell to support that deployment.

The deals give IREN one of the clearest AI pivots among former Bitcoin mining companies. Its secured power portfolio now spans more than 4.5 GW across North America, with the company adding more capacity as demand for AI compute accelerates.

The capital need is the hard part. IREN closed a $3.0 billion convertible notes offering in May after pricing an upsized $2.6 billion deal, with proceeds aimed at general corporate purposes, working capital, and capped call transactions.

The company also secured a $3.6 billion financing package to fund GPU infrastructure tied to the Microsoft contract. That package includes a $1.5 billion delayed draw term loan and $2.1 billion of senior notes due 2031.

Equity remains part of the plan. IREN expanded its at the market share sale program to as much as $6 billion, replacing a prior $1 billion program that had already been used. The filing gives the company flexibility to sell shares into the market over time.

That flexibility comes with dilution risk. New equity sales and future convertible note conversions could increase the share count if IREN keeps leaning on capital markets to finance the buildout.

IREN is also expanding geographically. The company acquired Nostrum Group in Spain, adding about 490 MW of secured grid connected power and marking its entry into Europe. The deal lifts IREN’s total power portfolio to about 5 GW.

The broader trend is clear. Bitcoin miners are trying to convert power access, land, grid connections, and high density compute experience into AI infrastructure businesses. IREN has moved faster than most, but AI workloads require more complex cooling, higher reliability, stronger customer guarantees, and heavier upfront spending than mining.

Customer commitments and prepayments help reduce some funding pressure, but they do not remove the execution burden. IREN still has to deliver GPUs, finish data center capacity, manage debt, and limit dilution while competing in an AI infrastructure market that is becoming more capital intensive.